Tax news and information - Journal of Accountancy

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March 16, 2022

Grappling with Schedules K-2 and K-3

John Samtoy, CPA, discusses Schedules K-2 and K-3 for passthrough entities and U.S. persons who are partners in foreign partnerships, and how tax professionals can help clients with them.

March 15, 2022

IRS waives estimated-tax penalties for farmers and fishermen

The IRS, citing earlier problems e-filing a new form reporting S corporation owners’ basis, has granted relief to certain farmers and fishermen who missed their March 1 filing deadline.

March 15, 2022

Recruiting, flexible working, and tax season issues for small firms

An AICPA vice president explains some of the key practice management concerns of smaller CPA firms — talent, technology, and tax season — in this podcast episode with transcript.

March 11, 2022

Congress to hear from IRS commissioner on filing season

AICPA President and CEO Barry Melancon welcomes Charles Rettig’s testimony, urges additional taxpayer relief.

March 10, 2022

IRS direct-hiring 5,000 in service centers

The IRS will hold in-person and virtual “hiring events” this month to begin filling positions in three service centers.

March 10, 2022

The power of technology to change how CPAs think about value

A CPA technology expert shares what the future holds for client advisory services, how training should be tailored, and what she learned about her grandfather’s CPA practice.

March 10, 2022

New, lower Form 1099-K threshold prompts cautions, criticisms

The new, lower $600 reporting threshold for reporting credit card and cash payment app transactions will likely lead to problems for taxpayers and payment settlement entities, the Taxpayer Advocate Service warns.

March 7, 2022

IRS to fast-track 10,000 hirings to address backlog

Direct-hire authority will allow the Internal Revenue Service to more quickly reinforce its return processing and account management functions.

March 3, 2022

National taxpayer advocate to CPAs: Tell us where the challenges are

CPAs and other tax professionals can help the Taxpayer Advocate Service identify the most acute problems within the IRS.

March 1, 2022

Don’t try this at home

Gold coins kept in taxpayer’s residence caused taxable IRA distributions.

March 1, 2022

Paradise postponed

Taxpayer’s organic oasis was not yet a going concern, the Tax Court holds.

March 1, 2022

Line items

What’s new for 2022 in federal taxes … National taxpayer advocate details 2021 as ‘most challenging
year’ ever … AICPA joins coalition seeking relief from IRS service challenges … Updated FAQs address 2021 child tax credit and advance payments … FAQs address calculation and reconciliation of recovery rebate credit … New R&D credit documentation requirements clarified

March 1, 2022